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Martin Bashir

News/Business. Journal Martin Bashir uncovers some of the world's biggest breaking news stories. New.

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Us 10, Ezra 9, Murdoch 7, Romney 5, Boehner 4, Purina 4, Casey Anthony 4, Michele Bachmann 3, Obama 3, Donald Rumsfeld 3, Rupert Murdoch 3, Washington 3, James Murdoch 2, Huffington 2, Alex Witt 2, Mullen 2, London 2, Pawlenty 2, U.s. 2, Afghanistan 2,
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  MSNBC    Martin Bashir    News/Business. Journal Martin Bashir uncovers some  
   of the world's biggest breaking news stories. New.  

    July 7, 2011
    3:00 - 4:00pm EDT  

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earlier today, president barack obama met with the congressional leadership at the white house the try to work out a deal into be debt ceiling or at least try to look at least like he was trying to work out a deal on the debt ceiling. >> i want to emphasize that nothing is agreed to until everything is agreed to, and the parties are still far apart on a wide range of issues, but again, i thought that all of the leaders came here in a spirit of compromise and in a spirit of wanting to solve problems on behalf of the american people. >> and just how far apart are the parties? give it to us straight, speaker boehner. >> raising taxes is going to destroy jobs and if you raise the taxes on the people that we need to grow our economy and to hire new workers, guess what? they are not going the do it if they have to pay a higher taxes
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to the federal government. >> this is not a surprise to the white house, because two weeks ago majority leader eric cantor, and minority whip walked out of the last set of negotiations, because, give it to us straight, speaker boehner. >> since the beginning the ma jo tr lieder myself along with senator mcconnell and senator kyl have been clear, tax hikes are off of the table. >> but last night, "the new york times" reported that there had been an overture from mr. boehner and a break in the stalemate. he met secretly with president obama last week in seeking $1 trillion in unspecified revenues. that sounded promising, but boehner can only cut the deal if the caucus sticks with him once he does. so will they? mr. cantor, i believe it is your turn. >> i can tell you one thing that
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we are united, as republicans, to say that now is not the time to raise taxes. i have talked with the speaker, and he is not for increasing taxes. >> in an e-mail today, a senior gop aide revealed these comment, revenue can increase due to economic growth as a result of tax reforms, not tax hikes. that means revenue can only pay for themselves, but raise revenue on top of that. and they are the freest of free lunch, but they are not, so no changed revenue. with the message repeatedly coming from the gop, why is the president talk about private negotiations and what have to be private ne conversations? to understand that, you have to look at this from the 2010 tax deal. >> as sympathetic as i am to those who prefer a fight over compromise, and as much as the
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political wisdom may dictate fighting over solving problem, it would be the wrong thing to do. the american people did not send us up here to win symbolic battles or victory. >> that is the president's theory of politics, america hates partisanship, and he can get us past that and that is why he selected and that why each time the republican party blows up the talks, obama keeps inviting them back, and each time they swear they won't budge an inch, he says that he is hoping they can work it out, and if that makes him look like an idealistic tween, well, then all of the better. and you are seeing that work, because there are cracks on the republican side. david brooks wrote, if the republican party were a normal party, it would take advantage of this amazing moment. it is being offered the deal of the century. trillions of dollars in spending
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cuts in exchange for a few hundred billion in revenue increases. for now the republican party cannot take the obama deal and he knows it. it has freed him to offer better and better deals giving him credit for compromising, but they can't say yes because of the tax part, but eventually the republicans have to agree to something, and that is where obama's plan might fail his party. after he cut taxes in 19 81, ronald reagan signed three bills attempting to get debt under control, and 88% of the deficit reduction in the bills came from, wait for it, tax increases. if reagan were president today, the tea party would be primarying the gipper. and then in 1990, george h.w. bush struck a deficit deal which was two-thirds spending cuts and one-third tax increases. clinton then signed his deficit deals in '93 and '97 and like bush two-thirds spending to one-third tax increases.
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when the deficit talks broke up, obama was offering the republicans five times as many spending cuts as taxes, and remember, taxes are much lower today than at any time in the last 50 year, and obama is promising to extend most of the bush tax cuts next year. the white house is winning the politics here. but for them, it might come at the cost of losing the policy. the downside of proving a deal much more than the other side does is that you might take a bad deal. to talk more about that let's bring in jared bernstein who is a former white house economist and currently a senior fellow at the center of budget and monetary policies. nice to see you. >> nice to see you. >> you heard the opening here, and did i get anything wrong or addendums or corrections you would like to add? >> i do believe that the republicans who are negotiating this deal differentiate between higher tax rates and higher revenues through closing loopholes, and that is one
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nuance that i might disagree with a little bit in the opening. it does seem to be very much potentially part of the deal that we could get to significant hundreds of billions through closing tax loopholes, and what i hear from the republican rhetoric is that they are going to try to get away with that without calling it a tax increase, because it does not tax rates upwards, but closing the loopholes. >> i would have agreed a couple of weeks ago, but eric cantor said revenues and not just increases. he said if you want to close the loopholes, you have to offset it somewhere else, so what sustains your confidence in that? >> what you are hearing more from cantor than anyone else is the posturing to give you greater leverage in the deal. you are unquestionably right that the end of the day, the guys, the republicans and perhaps the administration are willing to settle for a ratio that is well below the ratios
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you are stating earlier. i looked at the blog and i noted the numbers, because think are pretty amazing history that reagan, himself, would be drop kicked out of the republican party for a tax deal that had 80%, 80-plus% on the revenue side. but cantor is more in the posturing position, and when push comes to shove, yes, there will be revenues coming through closing of tax expenditures, and one more point on this, ezra, be aware anyone who is paying attention to the debate, revenue neutral. if you tried to take back those extra revenues that you get from the closing loopholes through the lower tax rates and take it all back, there is no deficit reduction and you don't help the deal at all, and that means much too much cutting on the deficit side. >> nobody likes taxes and spending cuts, because they are contraction their, contractionary and we are still
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dealing with the deficit, so why is that so crucial? >> because if you want to get to a sustainable fiscal path exclusively on the spending side, you have to cut so deeply into programs that protect retirees and programs that provide health coverage for the vulnerable, and you will be looking at a government that is a deeply gutted in areas of helping vulnerable people, and training and infrastructure and it is a great question, ezra, because we get into the discussion of revenue should be there because we want fairness and balance and that is part of it, but that is largely because if you do it on the spending side, the cuts are too deep, and i, myself, am quite nervous about the cuts to medicaid, because there is fat in medicare and moving to generic drugs or something, but on the medicaid side, that is a tight program and if you take $100 billion over ten years out out of medicare, you will hurt some
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vulnerable people. >> and people want to stereotype it, and i don't know anyone on the progressive side who wants to cut taxes through the revenue side. so give me a good ratio of the plan, and what that would be and what is the minimum accepted ratio? >> well a good ratio is 50-50 and the minimal acceptable ratio is the one that president obama started at which is $2 of spending cuts for $1 of tax increases. and that is what he introduced back in april. i'm taking out the interest payments which for technical reasons is okay. but if we get to $400 billion or $500 billion of revenue increases through closing a tax loophole that is a $1 trillion spending cuts to get you to a ratio that is acceptable. >> jared bernstein, good to see you. >> nice to talk to you. and tonight, lawrence o'donnell will get more insight of the house debt talks with minority whip steny hoyer at
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8:00 eastern on "the last word." and the republican field may be causing concern, that is unless you live in the white house. ♪ note there's another way to help eliminate litter box dust: purina tidy cats. tidy cats premium line of litters now works harder on dust. and our improved formulas neutralize odors better than ever in multiple-cat homes. so it's easier to keep your house smelling just the way you want it. purina tidy cats. keep your home smelling like home. is best absorbed in small continuous amounts. only one calcium supplement does that in one daily dose. new citracal slow release... continuously releases calcium plus d for the efficient absorption my body needs. citracal.
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the republican money race is on, but the early winner, well, it may be president obama. with fund-raising reports still rolling in, mitt romney raked in just over $18 million in the second quarter. that is enough to put romney well in the lead, but it is less than he raised as a first-time candidate in 2007. and well below the reported goal of $50 million. after romney, that is where the numbers fall right off of a cliff. tim pawlenty, and ron paul, and jon huntsman all coming in under $5 million. pawlenty in fact is seeing the
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fund-raising numbers closer to herman cain's than mitt comeny's, but newt gingrich is going in the wrong direction, because he is reported to be $1 million in debt. and as for barack obama, they are saying that his is certain to meet the goals when the forms are filed next week. obama officials say they have nearly 500,000 individual donors give this quarter which is nearly five times the number that the bush/cheney re-election bid began with in 2003. now, into the money chase with "huffington post" social impact reporter, and analyst alex wagner. alex, the republicanings knew they would be outspent by president obama, and are they prepared to be this outspent by obama? >> no, this is not good news. that internal memo, romney had set a $50 million goal, and the fact that she is not meeting the 2007 numbers is ugly, and you compare it with the fact that there are predictions that the obama campaign will make $1
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billion in fund-raising in the course of to fund-raising cycle is intimidating, and it is reflective of a very unsettled field and a donor base that is not particularly happy with anything that is out there right now. >> and a number that is shocking is tim pawlenty, because he was getting the real front-runner and mitt romney, because of the health care and other parts of the record too unacceptable, and pawlenty from the purple state, and fairly accomplished governor, and he would rake it in, but he is getting very little financial support in fact, weak. >> there is not that much room between him and herman cain is the last piece of news that the pawlenty campaign wanted to hear. the fact that he is not a stronger fund-raiser is reflective of the idea that in the media, we are enamored by pawlenty, because he laz not run for president before as a candidate and not a retread, but when it comes down it to again, you have a donor base saying, can he do this? does he have the fire in the belly after the gop republican
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debates? that was not a strong showing for him, so, i mean, to a certain degree, it is a surprise that he has not done better with the donors? >> and the republican donors who are not jumping in for pawlenty or cain or others, are they wait org putting the money elsewhere? you hear about karl rove super pac, and other people who can put it in a lot of places, and are they socking it away for a candidate against president obama. >> well, the impact of the super pacs is the way that the romney has $12 million in the cover for him, and others say they will raise $120 million for the races, so they are something to be contended with, but you cannot ignore the fact that the guys need their own war chests, and if fact that the white house has not only the bully pulpit, but 500,000 donors at this point
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is fear in the bones for the gop. >> and one person we are not seeing her numbers yet is michele bachmann who is lighting the field on fire a little, and she released a new ad. let's take a look at it. >> we can't keep spending money that we don't have, and that is why i fought against the wasteful bailout, against the stimulus. i will not vote to increase the debt ceiling. >> so, that's i think a pretty good ad and nicely produced and makes her look mainstreamed, but is that going to translate into money draw or will she be known for the extreme statements not long ago? >> well, not long ago in the public imagination, and michele bachmann has been shrewd in ways that sarah palin has not and she has brought in red rollins and trying to taylor the message to the mainstream, but you can see from the high eschelons of the republican party, there is concern about michele bachmann
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and her draw for the nomination, and will she get the big republicans to come to her corner? well, i would put my money with a candidate like romney or pawlenty more than bachmann. >> and is romney's recent performance enough to scare another person to come into the race like a chris christie or -- >> or rick perry. >> -- from coming in. >> no. he is an establishment kind of guy and a donor base on the side, and then you get numbers like this which upends the idea that he the white knight for the establishment, because people want another alternative. >> alex from the "huffington post." >> thank you, ezra. stop the presses, and that is exactly what rupert murdoch has done amid a growing hacker scandal. [ female announcer ] kiss everything you know about cookies goodbye.
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there's developing news out of london where rupert murdoch
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news corp announced this afternoon they are closing "news of the world" tabloid in response to shocking allegations of hacking. what does this mean for murdoch and the political power and the rest of the empire? we will have much more on that story later. but first, to orlando and sentencing day for casey anthony. alex witt is in the newsroom with more. >> yes, i am. well, casey anthony is will be released from jail in just six days as millions nationwide watched anthony's sentencing on tv and the internet earlier today, hundreds others crowded the streets of the courthouse protesting her release, and in the end, it came down to these words from the judge. >> i will sentence you to one year in the orange county jail imposing a $1,000 fine on each count, all four counts to run
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consecutive to each other, giving you credit for the time that you have previously served. >> nbc's lil ia luciano joins u. did that sentence appease any of the people who were so upset about the not guilty verdicts tuesday? >> well, it was interesting to see the way that the announcement was made, alex. they were able to minimize the public outreach that followed the verdict. instead of making this announcement inside of the courtroom as an open court, what they did was that they had the public relations person from the orange county courthouse talk to the media briefly and say, explain that casey anthony got credit for time served for good conduct and she will be free as of next wednesday.
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i don't know if people understood, i mean, how short that time period is, because there was a great deal of indifference between the reaction of the verdict and today. i have seen it on twitter and online, and people are upset, but not as much as two days ago. >> and you talk about casey anthony being released and one thinks, okay, she goes home. do we know where she is going to go? because home would seem to be a tough spot given how that case went down. >> well, i have to tell you that yesterday i spent a few hours digging through the jailhouse letters that she wrote for her fellow inmate pen pal she had in 2009, and she talked about a vacation, and talked about traveling in an rv, but she was specific about saying not going back home, and home was not home to her in quotations. we know that she does not own a
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passport, so wherever she want to go from here if she wants to take a vacation, she might have to stay within the u.s. or the puerto rico or virgin islands or somewhere if she does not want to have a passport. >> thank you. and back to you, ezra. >> thank you, alex. when we come back, when it comes to cutting the deficit, everything is on the table, and even and perhaps especially the military. with three strains of good bacteria to help balance your colon. you had me at "probiotic." [ female announcer ] phillips' colon health. when someone changes lanes without warning? or when you're distracted? when you're falling asleep at the wheel? do you know how you'll react? lexus can now precisely test the most unpredictable variable in a car -- the driver. when you pursue perfection, you don't just engineer the world's most advanced driving simulator.
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>> when we talk about the debt ceiling deal, we tend to talk about what it will take to get the republicans to support it, but news flash here, democrats control the senate, and control the white house and given the likely defections from the tea party wing, boehner is going to need the votes in the house as well. so if taxes are not a big part of the debt ceiling deal, what exactly will bring the democrats on board? well, maybe the answer is spending cuts, and in particular defense spending cuts.
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look, george w. bush liked spending money on the military, and that was in part, because he liked using the military and the defense spending went from 400 billion to $700 billion a year, so when president obama came into office, it was higher than anything we have 'n have seen war ii, and that is one place that they will look for us to cut, and we will not be required to cut anything, because we are ending the wars, but we just need to inform the scorekeepers of our intentions. we are assuming that the war spending will increase over the next ten years and we know that won't happen, and they know it won't happen, so in the january book, they begged congress to el this them officially that the wars would end and how much
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money they would lop off of the debt if they did so, $1.4 trillion, and that is real cash, and that is just the wars. but what about reversing that actual build-up in defense spending? as a center for american progress makes clear in a new report, there is a long bipartisan tradition of presidents presiding over wars substantially cutting afterwards. after the korean war dwight eisenhower slashed it by 26%, and after vietnam, richard nixon cut it by 29%. and as reagan and bush and clinton began to reverse the cold war build up by 43%. and the united states spends more than britain and china and france and russia combined. and at this point, osama bin laden is dead. so even the military recognizes that we are overspending in defense, but in some ways it is easier for the republicans to cut military spending, because the democrats are terrified of
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looking weak on national security, and then the real constraints of how much to cut without hurting or national security. and some reports say we could save up to $10 trillion in the next ten years, and heather h e holbert served on the panel, and is joining us here now. how can we cut the deficit by over $700 billion? >> well, the biggest drivers have nothing to do with the wars. they are going to be familiar, health care and personnel costs. so the first question is, are we willing to ask the military to go through the same modernizations that us in the civilian economy have been going through in several years. we have an addiction in both parties. the democrats don't want to look weak on defense, and republicans like to look strong on defense for policies that are looking
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smart to defense. we have an addiction to defense spending, and we treat the budget like a pinata that we hit and showers good d s good di go. or do we want to give the men and women a 2 to 3% raise, and they say, tack it on to the employers now, and let them do it now. so you have congress adding hundreds of billions of dollars above what the pentagon requests for weapon systems. so do we have the ability to do that? and then finally something that people are aware of, even donald rumsfeld thinks that there is $80 billion in efficiency sa savings to be had. and if donald rumsfeld believes that, imagine how much there could be. >> and you are not only mentioning donald rumsfeld, but
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there is other commentary. i would like to add some audio from admiral mullen. >> with the increasing of the defense budget which is almost double it has not forced us to make the hard trades or forced us to prioritize or forced us to do the analysis and it has not forced us to limit ourselves and get to the point in a very turbulent world of what we are going to do and what we are not going to do. >> and now, that is ul manilen, but obviously, you speak to a lot of members of the military and when you tell them this that you can get $1 trillion out of the defense budget? do they throw you out of the office and quietly say you right, but we can't say it publicly and what is the reaction? >> well, i have the good fortune to work with retired two-star general as adviser, and he will say that the political leaders need to el t-- to tell us what o do, and we will tell them how much it costs, and he says,
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strategy, strategy, stratstrate and it is what admiral mullen said, making the hard choices. do we want more global counterinsurgen counterinsurgencies, and if we do, then it is more resources, because the fabulously men and women are the most expensive and valuable parts of the armed forces. if we don't think there are more land wars in asia, then we can reduce the build-nup the military over time, but it is a decision that we as a society have to make. >> it is a decision to make inside of the context of budget negotiations and one problem of doing the policy through the periodic rounds of budget cutting is instead of talking about how the military should do or how they should be structured is that we look to save money. is this something that the thinking has been done already and the deficit negotiations may be a moment to implement it or a legitimate point to be made with
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a separate point to make it have more consultation and consideration? >>, so there is easily between the $400 billion that the adm administration has proposed and the $700 billion over ten years that they are talking about it. and frankly, we can do that without making too many of the hard choices, and we could do that and still retain the pinata approach. we can make a good start on deficit reduction now. and go through this strategy review that the administration has convened and really start the conversation about the tough choices. now will we do that? is the political system capable of doing that? and the old saying that rahm emanuel never letting a crisis go to waste, so this what i hope is the start of the conversation rather than the end of the conversation. >> and you mentioned the obama administration there, and now where are they really on this? they begin with the $7 trillion budget and lower growth, and they upped it to $400 billion,
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and do they have the right take on this or more cautious? >> well, it is test mated rates of growth and even the budget that came out of the house this week which will shock you if you look at the budgets being proposed is still a net increase, so we are not talk about the again, what i would understand a cut to my salary or household budget, and that is not a cut for defense. the administration is being both politically cautious and we are engaged in multiple shooting wars, and you can't just pull bases out of germany overnight, and say, hey, russia, guess what? and you cannot pull out of korea overnight or afghanistan overnight. so you are kidding yourself if you think there are instant savings. and the administration is cautious and it can look around and there was a remarkable hearing on the hill this morning where you had republican freshman house members
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chastising a former republican senator for being too much of a lobbyist for the defense industry and the administration can say, the climate is different and we have an opportunity here, and let's make use of it. >> thank you so much, heather. >> thank you, ezra, for having me. >> and now over to washington, d.c. where twistery has been made. >> first of all, everybody can sit down. it is much easier to tweet from a seated position. >> i understand that you want to start the conversation off with a tweeter here. >> i want to make history here as the first president to live tweet. so, we have a computer over here. >> and with that, the first twitter town hall began. initially 720,000 tweets were send to the president, and 20,000 tweets on jobs and another 15,000 on the budget.
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and while the president fielded 18 twitter questions in all, there were a few he didn't respond to, that we frankly think deserve answers. first up at trumpetcake tweeting, not that you would abuse power like this, but could you get a thick delicious milkshake at any time of the day or night? i am pretty sure as president he has the capability of that. and palazzolo says, where in the world is carmen san diego? well, maybe we are not that good. and hipster problems, why are there several shows gone when there are several kardashians? and for this one, which ones are crocodiles and which ones are alligators? i can never remember. now, the big one here is from
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@cultureofme, and does diet dr. pepper really taste like dr. pepper? one of the 18 wonders of the world we may never know. and this one came from prominent house speaker john boehner and that got us thinking that john boehner is asking a lot of questions and asking seven or eight in that time, and maybe it is time that he answer some, so that the hashtag, askboehner, and i will retreat the best of them, and my producers promise if they are any good and maybe if we are good we will read them on the air tomorrow, stay with us. [ female announcer ] love the look of freshly colored hair?
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tropical storms are making sure the they are not coming too close. not looking good, but we will keep you posted. when "atlantis" lifts off, we will carry it for you live. and what is a biggest adrenaline rush, the running of the bulls in pamplona or the running of the theater for the last harry potter? well, let's say that there was more security for the thousands of fans caught in the potter spell of which ezra, i am one. i cannot wait to see it and may go to a midnight showing next week. are you going to go? >> i might get dragged. that is how i characterize it. >> oh, come on, you are being snape-like. >> oh, alex. and when we come back, the murdoch disaster, and what it means for the u.s. empire.
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i'm sue herera with the cnbc market wrap, and the stocks are doing well. the dow jones industrial average is up 100 points to 12,726 and the s&p is up 14.53 and the nasdaq is up 38.60. and part of it is because fewer people were filing jobless claims and a significant drop that puts the total number of claims in the lowest in seven weeks. that is it from cnbc. we are first in business worldwide. ezra, back to you. >> thank you. there's breaking news this afternoon in the scandal that has been shaking up the media and political world in the uk. the heat finally proved too much for the murdoch empire amid allegations of hacking into cell phone. james murdoch today announced the end of the british tabloid "news of the world" which has been a fixture in the uk for 168 years. the paper will public the final edition this sunday.
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now over to mike taibbi over in london for the latest. what pushed the murdoch family to take a radical step. >> well, you are right, ezra. it is a story hanging around for a while, and what had to change? well, this happened six years ago with an innocuous story about prince william with a bum knee, and because there was a few people who knew about it, for the paper to know about it, the paper had to hack the e-mail or cell phone accounts and that in fact turned out to be true. for years the world of the news said it was limited to a rogue private investigator hired and later it was not limited. it was 3,000 perhaps cell phone accounts hacked, but mostly celebrities, singers, soccer players or football players here, and not the most sympathetic people to the general public, but now to the next level, it is regular people in the throes of grief or worry and parents of slain children or relatives of soldiers killed in action of afghanistan and iraq,
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and when those were accessed allegedly illegally, that threw people over the top. there was an emergency hearing at parliament and exploded into the situation today by james murdoch that the newspaper is going to close after 168 years. >> unbelievable. even the uk prime minister david cameron is getting involved. how does that tabloid scandal reach to downing street? >> well, he hired one of the communications directors, someone who had been an editor at "news of the world" at a time when the hacking was going on and that person is going to be allegedly arrested and we won't get into the specifics until it is confirmed, but he may be ar retsed as early as tomorrow, and three or four additional employees of "news of the world" will reportedly be arrested by the end of the week. the investigations don't end just because the newspaper is shutting down which will end 200,000 jobs, but for mall mal
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inquiries are under way to know who knew what and taibbi. thank you so much. with more information on who's become the focus of this scandal, rupert murdoch. we're joined by sarah. what does this mean for the murdoch empire going forward? what does it mean for the american properties? >> the first call i made today to report on this i talked to somebody at news corp. and tell me about the closure of the world. they said, don't you mean the rebranding of the news of the world? even though they're closing the paper in name, they are expanding the publication of the "sun tabloid" to seven days a week. they're so cynical about this move. they're hopeful this is going to draw a line under the scandal. i think it's something that just shows how -- how much murdoch is willing to do. also a decision that's been on the table for months, and it's something that they just decided to take now because they've been shown to be hacking into voice
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mails and kidnapped girls, all those type of thing. in terms of the impact merhere, another thing, people suspected that murdoch's empire has had these elements to it. mow there is this scandal that really solidifies it now. there's evidence. all of the things that people have talked about, this is an evil empire, there's all these boogeymen running around, these are actually now real examples ever things that a corporation can really be ashamed of. >> now, how firewalled are places like the "wall street journal," fox news and many, many other newspapers? show we assume because it's happening somewhere it's happening other places, or is this something that seems to be localized to one corrupt culture, in one particular set of properties, in one particular country? >> getting a lot of questions. the "wall street journal" is near and dear to my heart. i worked there ten years before leaving and writing about murdoch taking over the newspaper. i know a lot of people there
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still. i don't think they're hacking into people's cell phones. what this highlights, the only reason we know about it at all, out to get this story for years. there's a lot of stuff going on that we don't know about. i will say the publisher of the "wall street journal" les hinton was the ceo of murdoch's newspaper group when all this hacking was going on and the woman running his uk news operation very close to james murdoch who is, of course, elevated to not -- he's not rupert's number two but powerful with the company, a person actually editing the newspaper when this 13-year-old little girl's phone was hacked ap all that is to say, there's not a great firewall in the company. a lot of these executives have moved on from their jobs. closing the news of the world doesn't actually get at any of the important executive whose were involved in this. so i think that it's something
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that certainly casts a lot of doubt and raises a lot of questions about these other properties. i don't think that they're hacking phones at the "wall street journal," but it's a reputational problem, if nothing else nkt else. >> quickly, a lot of things going to happen at newscorp. does this change that mind or what people expect tough to? >> i don't think so. i think people are still looking to james to take over for his father. i think there's still a lot of people who are doubtful that james will be the same kind of leader that his father was, but such a fluid situation i don't even think the murdochs really know how that's going to shake out. >> sarah ellison, thank you so much. we'll be right back. ♪ ♪
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it's time to clear the air. tomorrow's the first friday of the month. that might not mean much more than the weekend to most people, but to a communist financial markets not to mention the white house and every single republicans who hopes to occupy
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it in 30in 2013, it's a very important day. the day the monthly job numbers come out. trying to predict these is a fool's game. here's a bit of confidence. however good or bad they, they aren't going to be good enough. keep in mind we need more than 100,000 new jobs every month just to keep up with population growth. it we add 200,000 month after month, it will take until 2017 to get back down to 6% unemployment. with 50 million people out of work, that's much to long. yet all anyone in washington wants to talk about is the deficit. in fact, all we've really talked about today is the deficit. but we need job creation, too, and deficit reduction alone won't get us here. here are three ideas that will. on any list like this one, infrastructure has to come to the beginning. it is the single biggest bargain in the economy. the science of engineers estimates we have 2 trillion in needed infrastructure repair.
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we know what we're building is worthwhile and if we don't spend the money now we'll have to spend it later. it may be more expensive then, because it's a lot cheaper to repair a bridge than rebuild one that's fallen all the way down. another idea. in a recent column in bloomberg view former director peter orszag linked this to unemployment above 7% it would go down. when unemployment is high it goes up. that's how countercrick lickal it's supposed to work. it would go up when unemployment is low, and down when it's high. that's our countercrick lick the policy is supposed to work. don't spend when times are bad. we save when times are good. finally, i come from california. so i know full well plenty of states mismanage their budgets, but the main problem now is not about bad budgeting. more about a global financial crisis sparked when washington failed to keep a close eye on wall street and those problems are impeding the national recovery. it may, for instance, the public
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sector shed 20,000 workers in may. a number of workers on both sides realized we can help and get two birds with one stone. they've suggested giving states more economic aid, this time attaching strings so the ones that got themself into long-term budget trouble, like california have to do something to fix it if they're going to get the aid. one more idea to get us but other than the long term and also bet other than the short term. with that, matt mill sir in for dylan ratigan today. wrap you got for us? >> going to pick it up where you left off with have creative ideas on the jobs and budget crisis. laura tyson, under clinton, coming by. bob woodward will help us assess how obama's doing in some of the most dangerous times we've had for a president. the show starts right now.